MANILA - Newly renamed AC Energy and Infrastructure Corp. said Friday it raised $300 million from its dollar-denominated green bonds issue to partly refinance maturing debt and fund renewable energy projects.
The 5.1 percent "fixed for life" yielding green bonds were met with strong demand which was 4.33 times oversubscribed, it said.
“We are very pleased to see the high level of investor confidence in AC Energy and the strong market response to our perpetual green bond, following our maiden green bond in 2019. We believe that this will power AC Energy in its pursuit to scale up renewable investments in the region as we continue the transition to a low carbon portfolio,” AC Energy President and CEO Eric Francia said in a statement.
The bonds were issued by subsidiary AC Energy Finance International Limited, as a part of its $2-billion medium term note program, the company said.
“This underscores the continued confidence investors have in AC Energy’s ability to execute in this challenging environment,” Cora Dizon, AC Energy Chief Finance Officer, said.
AC Energy earmarked P9.2-billion in capital spending this year, in line with its aggressive expansion plans to invest in projects within the Asia-Pacific region.
Its goal is to achieve 5 gigawatts (GW) renewable energy portfolio by 2025.